Bullion posts recovery; oil prices steady

Our Commodities Bureau

Mumbai, April 11: BULLION: Both the precious metals recovered from the reduced level on the bullion market here on Wednesday.

Standard gold moved up by Rs 15 at Rs 4,215 per 10 gm. It was down by Rs 40 on Tuesday. Gold .22 carat was up by Rs 15 at Rs 3,900 per 10 gm in sympathy. Prices of gold biscuit (116.50 gm) gained Rs 100 at Rs 49,250 per piece after losing Rs 500 on Tuesday. Renewed seasonal buying influenced the recovery in gold prices while lack of supplies and spurt in dollar value against rupee also kept offerings remain restricted during the day. Lower than expected supplies of gold from banks into the market further aided the recovery.
In the overseas market gold moved down from $258.70 to $258.30 per troy ounce. Meanwhile, dollar value went up from Rs 46.57 to Rs 46.65, according to a bullion broker.

Silver .999 moved in both ways before concluding firm by Rs 30 at Rs 7,300 per kg. It was down by Rs 50 on Tuesday. Silver .916 was up by Rs 50 at Rs 7,190 per kg. Fresh industrial buying, tight supplies of raw silver coupled with encouraging Delhi advices helped the white metal to bounce back. But in the global market prices ruled static at $4.34 per troy ounce.

OIL,OILSEEDS: Groundnut oil closed steady at the reduced level on the oil and oilseeds market here on Wednesday. Castorseed and its oil on the other hand suffered fresh losses in the absence of overseas support and sustained pressure of inflow in the producing centers, dealers said.

Groundnut oil maintained at Rs 318 per 10 kg amidst slow activity and eased summer crop arrivals. In Rajkot, it was subdued at Rs 520/525 per 15 kg.

Imported palm oil slide by a rupee at Rs 244 per 10 kg. In the global market it was quiet at $242.50 per tonne for nearby delivery and at $245/247.50 for long deliveries, it was learnt.

Castor oil edged down by Rs 2 at Rs 263/275 per 10 kg owing to lack of interest from shippers. Castorseed ready was down by Rs 10 at Rs 1,165 per quintal in sympathy.

In the futures section castorseed June delivery placed a rupee lower aet Rs 1,194. Castor oil June delivery was quiet at Rs 280 per 10 kg.